Finlayson, Minnesota Property Taxes
The median property tax rate in Finlayson, MN is 0.73%, which is considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Finlayson at $202,200, the typical annual property tax bill reaches $1,358, well below the national median of $2,690. Property taxes in Finlayson are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Finlayson's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Finlayson or another part of Pine County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Finlayson, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,476
Ownwell’s Finlayson Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers aiming to estimate their annual property taxes in Finlayson. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Finlayson to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities with ease. For those interested in more detailed information, neighborhood-level trends can be found by scrolling further down the page. Your property’s assessed value, determined by Pine County, is crucial for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Finlayson, Minnesota
Property taxes in Finlayson, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Finlayson is 0.73%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Finlayson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Finlayson estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Finlayson's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55735 has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these areas compare with Finlayson provides valuable insights into the varying tax landscape across Pine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Finlayson Tax Rate
0.73%
Average Pine County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Finlayson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55735 | 0.49% | 0.62% | 0.73% | 0.81% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Finlayson, Minnesota
In Finlayson, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Pine County Assessor's Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Finlayson, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Finlayson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Pine County, the highest and lowest median tax bill are both $1,358 in zip code 55735.
Average Finlayson Assessed Value
$202,200
Average Pine County Assessed Value
$174,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Finlayson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55735 | $39,620 | $89,850 | $202,200 | $315,800 | $431,580 |
Source: Ownwell
Property Tax Bills Across Finlayson, Minnesota
In Finlayson, located in Pine County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $202,200. The local tax rate is applied to this assessed value to determine the tax bill. Homeowners in Finlayson can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $572, while the 75th percentile tax bill is $2,186, and the 90th percentile tax bill reaches up to $3,072. These variations reflect differences in property values and any applicable exemptions or deductions. Factors such as changes in the local tax rate, property assessments, and exemptions like homestead or senior citizen exemptions can influence the final tax amount. Compared to the national median property tax rate of 0.99%, Finlayson homeowners may find their tax rates to be relatively moderate, which can impact their overall financial planning and housing affordability.
Average Finlayson Tax Bill
$1,358
Average Pine County Tax Bill
$1,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Finlayson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55735 | $258 | $572 | $1,358 | $2,186 | $3,072 |
Source: Ownwell